T&R Biofab Co., Ltd. (KOSDAQ:A246710) announced a private placement of 1,072,795 registered convertible preferred shares of face value KRW 500 at a price of KRW 13,050 for gross proceeds of KRW 13,999,974,750 on September 29, 2020. The transaction will include participation from new investors Korea Investment Bio-Global Fund, a fund managed by Korea Investment Partners Co. Ltd. for 766,283 preferred shares, eBest Investment Securities Co., Ltd., Investment Arm for 76,628 preferred shares, Jaedam Co., Ltd. for 153,256 preferred shares and BTCI No. 1 2018 Private Equity Partnership for 76,628 preferred shares. The preferred shares are non-cumulative, non-participating, bear an interest of 1% per annum and mature in 5 years from the date of issue. The preferred stock is convertible into one registered common share at a conversion price of KRW 13,050 from October 13, 2021 to October 12, 2025. The transaction has been approved by board of directors of the company. The company is issuing shares through a third party allotment at a premium and the shares are subject to a lock-up period of one year from the date of issuance. The transaction is expected to close on October 12, 2020. On October 7, 2020, the company announced that Jaedam Co., Ltd will now acquire 76,628 preferred shares and BTCI No. 1 2018 Private Equity Partnership will now acquire 153,256 preferred shares.